Administration then Liquidation, page-35

The banks owed over $2billion could not care less about national interests, and people who think otherwise are delusional about the real world.

Equity is now worthless.

The Govt is not writing out a cheque anytime soon, but will continue to make noise to help keep the votes.

The 2 options as I see it are

1) Directors appoint an administrator, as they realise they could be trading insolvent. If they are not insolvent why did they support a proposal to pay back banks at 55 cents in the dollar. Not to mention wasting $20 million in the process.

2) Banks accept 55 cents in the dollar but also convert forgiven debt to equity, ie they mirror the GSO deal but keep the upside themselves. Shareholders would be wiped out.